If you know that you are serious about purchasing a home, you will want to get a Mortgage Pre-Approval. To get you Pre-Approved for a mortgage, we must check your credit, verify your financial information and employment history, and confirm your ability to qualify for a mortgage. We will provide you a confirmation of your ability to qualify for a loan in the form of a Pre-Approval Letter.
It is important to have a Pre-Approval Letter for a Mortgage to validate and confirm to the sellers that you are able to qualify for a mortgage to purchase their home. Generally speaking, a seller would be more willing to accept the offer of a pre-approved buyer, because it shows them that you possess sufficient resources to provide the funds to purchase their home.
Hiring a Realtor® with knowledge and/or experience in the locations you’re interested in moving to will make your home buying transaction easier for you.
- Research Real Estate Brokers and Agents who specialize in the communities and areas where you would like to buy your new house.
- Screen potential Agent’s by asking specific questions about the area you want to know more about or move to. For example, if you have children who will be old enough to attend school in the near future you may want to ask about schools in the area.
- Give them a call and talk to them about the market and your interests. Fill them in on your scenario and listen to their advice. A simple call will answer all of your questions and clear up any confusion you have about buying your first home.
Provide your real estate agent with a Mortgage Pre-Approval Letter, so they can show you homes that you will qualify for.
Processing is when we ensure that all of the necessary documentation is in order for your loan application to close. Your Processor will review your documentation and compile the necessary information for loan submission (eg. income, assets and credit). It is very important to have a second set of eyes look over all of the documentation to ensure that all of the necessary information to qualify for a mortgage is provided and nothing is overlooked.
Your loan processor will prepare the file for closing after approval & obtain closing conditions (additional documentation required to close your loan).
Underwriting will conduct an evaluation of credit and property to determine adherence to agency guidelines and ensure that the borrower is eligible to receive a particular mortgage loan. The Underwriters will assess the risk of the borrower to ensure that they are not at risk of defaulting on the mortgage. Once the Underwriter has reviewed the entire loan package, they will issue an approval or denial to the borrower. The underwriter may also issue a conditional approval, meaning your mortgage is approved, subject to you submitting additional documentation or information requested by the underwriter in a timely manner.
After all of the requested supporting documents have been reviewed and approved by the underwriter, they will designate your file as "Cleared to Close".
All that's left in the mortgage process is your time at the closing table to sign all of your loan documents and required paperwork to complete the purchase of your home. You must bring the certified funds required at closing, made out to the closing company.
Congratulations! Your mortgage has closed and you are now ready to move into your new home!
Whether you would like to hire movers, or call all of your friends to help you move in, is completely up to you! Either way, the home buying and mortgage process is finally over. All you have left to do now is start unpacking and enjoying the comforts your new home!
We wish you the best on your new journey. Welcome to the neighborhood!